Copper for delivery in March declined 0.22% to $2.736 per pound on Wednesday. In an important news that has been the main reason for Copper gains, Freeport McMoRan said negotiations with the Indonesian government to restart exports from its Grasberg mine in Papua province has stalled. Copper is trading at levels last seen late May 2015 with year-to-date gains of just under 9%.
In January Freeport said for each month of delay in obtaining approval to export, the Indonesian subsidiary's share of production is projected to be reduced by approximately 32,000 tonnes of copper and 100,000 ounces of gold.
Freeport also said consolidated sales volumes from Indonesia mining operations assuming normal operations, including the resumption of concentrate exports in February 2017 and the renewal of its smelters export license are expected to total 590,000 tonnes of copper and 2.2 million ounces of gold for the year 2017.
Copper ended the session on 21 Feb 2017 at INR 405.35 per kg, up 0.07%. The prices tested a high of INR 406.75 per kg and a low of INR 403.25 per kg. Technical charts suggest that breach above INR 408 and 409 per kg will be beneficial for Copper.
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